"It shows Barclays has the confidence and flexibility to fund the right marine energy project with a return based on future energy production.

"For us this opens the door to securing debt finance for our first pre-commercial 10MW project which will commence in 2014.

"The key for the industry will be finding the means to secure debt for these early-stage projects without the need to rely on parent company support. Barclays is definitely showing the way."

Jan Love, director of project finance for Barclays Corporate Scotland, said: "This is a significant moment for Aquamarine Power; it demonstrates our confidence in the business model and provides a blueprint of how visionary companies can achieve their commercial aims with the right support."